Sensex jumps 248 points to end at new peak
After touching an all-time high of 49,569.14 during the day, the 30-share BSE index ended 247.79 points or 0.50 per cent higher at 49,517.11.
Mumbai: Equity benchmark Sensex jumped 248 points to end at a fresh life-time high on Tuesday, tracking gains in index heavyweights Reliance Industries, HDFC Bank and Bharti Airtel amid positive global cues and persistent FPI inflows.
After touching an all-time high of 49,569.14 during the day, the 30-share BSE index ended 247.79 points or 0.50 per cent higher at 49,517.11.
Similarly, the broader NSE Nifty advanced 78.70 points or 0.54 per cent to a fresh closing peak of 14,563.45. It scaled a record 14,590.65 during the session.
On the Sensex chart, SBI was the top gainer, rallying around 4 per cent, followed by Bharti Airtel, Reliance Industries, HDFC Bank, ITC, Axis Bank and NTPC.
On the other hand, Asian Paints, HUL, Nestle India, Titan and Kotak Bank were among the laggards.
According to Binod Modi, Head- Strategy at Reliance Securities, domestic equities remained resilient as they recovered sharply from the day’s low and recorded fresh highs.
Banking stocks once again defied red flags raised by RBI’s Financial Stability Report by recovering sharply from early losses, he said, adding that auto stocks continued to see healthy traction as well with expectations of good Q3 earnings and strong outlook.
Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 3,138.90 crore on Monday, according to exchange data.
Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended with gains, while Seoul was in the red.
Stock exchanges in Europe were largely trading on a positive note in early deals.
Meanwhile, the global oil benchmark Brent crude was trading 1.60 per cent higher at $56.55 per barrel.
M-cap of companies at all-time high
The market capitalisation of all BSE-listed companies jumped to a fresh all-time high of Rs 197.46 lakh crore on Tuesday, driven by bullish market sentiment. At close of trade, the market capitalisation of BSE-listed companies stood at Rs 1,97,46,939.57 crore ($2.6 trillion).
The 30-share BSE Sensex closed at a record 49,517.11, up 247.79 points. “Domestic equities remained resilient and firm as it recovered sharply from day’s low and recorded fresh highs. We continue to believe that fundamentals of market remain intact considering sustained rebound in economic activities and government’s continuous endeavour to bolster economic activities,” said Binod Modi, head, Strategy at Reliance Securities.
SBI was the top gainer among the frontline companies, gaining 3.65 per cent, followed by Bharti Airtel, Reliance Industries and HDFC Bank. Sector-wise, BSE telecom, realty, energy, oil and gas, utilities, auto and finance indices gained as much as 2.85 per cent. In the broader market, the BSE midcap and smallcap indices climbed up to 0.44 per cent.
11 Indian cos in top-500 globally by value, country ranked 10th: Report
Mumbai: Total 11 private Indian firms have made it to the list of 500 most valuable companies across the world, and the country is ranked 10th on the chart, as per a report. The total value of these 11 companies grew 14 per cent and has been pegged at $805 billion or nearly a third of the Indian GDP.
All these companies in the list of non-state enterprises have gained in value during 2020, which was hit by the pandemic, barring tobacco major ITC and second largest private sector lender ICICI Bank, as per the ‘Hurun Global 500′ report.
Reliance Industries leads among the enterprises with a 20.5 per cent jump in valuation to $168.8 billion as of December 1 and is ranked 54th globally, as per the list.
Tata Consultancy Services’ value grew by nearly 30 per cent during the year to take its value to $139 billion, ranking it 73rd globally and making it the second most valuable Indian firm.
The value of HDFC Bank grew 11.5 per cent to $107.5 billion Hindustan Lever ($68.2 billion, gains of 3.3 per cent), Infosys ($66 billion and gains of 56.6 per cent), HDFC Ltd ($56.4 billion, gains of 2.1 per cent) and Kotak Mahindra Bank ($50.6 billion, 16.8 per cent in gains).
ICICI Bank’s overall valuation decreased 0.5 per cent to $45.6 billion, taking it to the 316th spot in overall rankings, while ITC’s value dived 22 per cent to $32.6 billion making it the 480th in the list of 500.
The report said the local stock market grew 12 per cent despite the pandemic, which can explain the rise in the valuations. The list of 500 is led by consumer technology major Apple with a valuation of $2.1 trillion and is followed by Microsoft and Amazon at $1.6 trillion.
